WEKO3
アイテム
Monetary Policy under the Zero Lower Bound Interest : Japan's Experience
https://kyotogakuen.repo.nii.ac.jp/records/935
https://kyotogakuen.repo.nii.ac.jp/records/9350aad4381-314c-4341-921f-1c498293bd3c
| 名前 / ファイル | ライセンス | アクション |
|---|---|---|
23-1-morita_miyagawa (368.6 kB)
|
.png)
|
| Item type | [ELS]紀要論文 / Departmental Bulletin Paper(1) | |||||
|---|---|---|---|---|---|---|
| 公開日 | 2016-08-09 | |||||
| タイトル | ||||||
| タイトル | Monetary Policy under the Zero Lower Bound Interest : Japan's Experience | |||||
| 言語 | en | |||||
| 言語 | ||||||
| 言語 | eng | |||||
| キーワード | ||||||
| 言語 | en | |||||
| 主題Scheme | Other | |||||
| 主題 | Quantitative easing | |||||
| キーワード | ||||||
| 言語 | en | |||||
| 主題Scheme | Other | |||||
| 主題 | Financial anxiety | |||||
| キーワード | ||||||
| 言語 | en | |||||
| 主題Scheme | Other | |||||
| 主題 | Transaction money | |||||
| キーワード | ||||||
| 言語 | en | |||||
| 主題Scheme | Other | |||||
| 主題 | Precautionary money | |||||
| 資源タイプ | ||||||
| 資源タイプ識別子 | http://purl.org/coar/resource_type/c_6501 | |||||
| 資源タイプ | departmental bulletin paper | |||||
| 雑誌書誌ID | ||||||
| 収録物識別子タイプ | NCID | |||||
| 収録物識別子 | AN10373395 | |||||
| 論文名よみ | ||||||
| タイトル | Monetary Policy under the Zero Lower Bound Interest : Japan's Experience | |||||
| 著者 |
宮川, 重義
× 宮川, 重義× Miyagawa, Shigeyoshi× Morita, Yoji |
|||||
| 著者所属(英) | ||||||
| en | ||||||
| Department of Economics, Kyoto Gakuen University | ||||||
| 著者所属(英) | ||||||
| en | ||||||
| Department of Economics, Kyoto Gakuen University | ||||||
| 記事種別(英) | ||||||
| 内容記述タイプ | Other | |||||
| 内容記述 | Article | |||||
| 抄録(英) | ||||||
| 内容記述タイプ | Other | |||||
| 内容記述 | This paper quantifies the effect of non-traditional monetary easing at the zero lower bound on interest rate, so called “quantitative easing monetary policy” which the BOJ adopted from March 2001 through June 2006, by changing operating target for money market from the uncollateralized call rate to the outstanding current account balances held by financial institutes at the BOJ. The paper confirms that the monetary policy has contributed to the recovery of the prolonged deflation. First we estimate a minimal VAR model, which consists of the current account balances at the BOJ (CABs) as a policy variable, real GDP, and inflation rate. Next we decompose money stock into transaction money and precautionary money to evaluate the transmission mechanism of the effect of CABs on the real economy by taking into account the financial anxiety. We have found a quantitative easing shock firstly increases transaction money and then raises output and price, which dispels the anxiety. We also confirm that a liquidity trap did not exist during the period of quantitative easing monetary policy. |
|||||
| 書誌情報 | 巻 23, 号 1, p. 51-66, 発行日 2013-09-01 | |||||
| 表示順 | ||||||
| 内容記述タイプ | Other | |||||
| 内容記述 | 3 | |||||
| アクセション番号 | ||||||
| 内容記述タイプ | Other | |||||
| 内容記述 | KJ00010210259 | |||||
